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Hess Doesn't Impress

Global Hunter downgraded the energy explorer to Accumulate from Buy.

February 4, 2013

Hess (HES: NYSE) By Global Hunter Securities ($67.16, Feb. 1, 2013)

We continue to like the direction for Hess -- it looks to us like management is already addressing some of activist Elliott Management's concerns, including reducing Bakken costs and shedding noncore assets -- but the price rise takes us much closer to fair value.

The slight drop in reserves year-over-year and higher-expected lifting costs in 2013 also give...